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It is difficult to acquire regular mortgages for a mobile home, also known as a manufactured or a modular home. Mortgages that are suitable for traditional homes are not so for mobile homes. An unscrupulous or inexperienced broker may drag you through the entire loan application process and charge a sizeable bill, but may not be able to secure a mortgage for the home you intend to buy. A manufactured home loan specialist provides assistance in the following areas.
Fluctuations in the Market
The manufactured home industry, which is a niche market of the real estate business, is in a state of constant change. Lenders read the pulse of the market and respond to the changes by adjusting the terms and conditions of their loan products. Several lenders with specific programmes for manufactured homes may have ceased to market their products or have altered them considerably. A broker not dealing specifically in loan products for mobile homes may not be aware of the changes. On the other hand, a manufactured home loan specialist will have at hand all the latest deals in the market and present them to a client.
An unwary modular homebuyer may not know that traditional mortgages do not work for these homes. This is primarily because manufactured homes do not constitute real property. Mobile homes belong to the category of personal property. In addition, most homeowners do not own the piece of land the home stands on. Lenders of conventional mortgages are unwilling to finance mobile homes, as the worth of these properties generally depreciates in time. An experienced broker dealing in manufactured home loans will be able to procure the best option in loans for you. You may even avail of a regular mortgage, if you convert your property to real property by securing the structure to a permanent foundation. There are several other requirements, as well. A manufactured home loan professional may guide you through all the steps of the conversion process.
A general broker may have at hand a few loan options for modular homes. However, a manufactured home loan expert will have a wide assortment of products. You may compare all the options and select a package most suited to your circumstances and save a significant amount on the deal.